By Greg Garritano, CEO of Garritano
I have always believed that business is more an art than a science. A successful business requires creativity and represents the expression and vision of the founder(s). Businesses reflect the times and history of when they are created and like much in the world of art, continues to evolve with time and technology. For many years, all new employees have been instructed on our concept of the ART of business. We present this on the first day of orientation and reinforce it during the term of employment.
Ask Questions: To properly advise and direct a client with business and financial issues, we must start with a true understanding of that person and business. Our questions focus on personality, goals and vision perspectives. What is important to you? Why did you start this business? When do you want to retire? What is your parenting philosophy? What motivates you? What do you still dream about? What keeps you up at night?
Research: Our research starts with everything we need to know to better understand and service our clients. We want to know about the history of the company, what the social media and internet reviews have to say about the company and its management team. Getting to know the industry and market the business operates in and the sophistication of internal processes are of great importance. Understanding the current cash position and overall financial condition of the business by reviewing tax returns and records is vital.
Think: At this stage, we process the information gathered to determine the most cost-effective and beneficial way to help. It is time to prioritize those services which are critical, mandatory and time sensitive to those which are helpful yet discretionary. Tax filings and other compliance matters are usually what clients seek our assistance on. The elective services in our Diamond CFOTM id where many of our clients find the most value. We are able to scale these services to the needs of the company and allow the owner(s) to focus on what they do best.
The ART of business is a never-ending cycle for used by our firm. As we review transactions and interact with management, we ask new and relevant questions. Research is then conducted to give us the ability to think about the best options to present to the client.